One of the hottest hotel chains is making it easy for consumers to rent out their rooms, or even buy them.
Airbnb is offering to pay for rooms for as little as $300, and it’s targeting those who want to stay at luxury hotels but don’t want to pay $200 per night.
AirBNB, which has a fleet of more than 20,000 apartments in more than 50 cities, is also offering discounted rates to travelers.
Airbnbs CEO Anthony Levandowski said the goal is to bring people back to the hotel industry.
“Airbnb was created in 2004 as an alternative to hotels,” Levandowski told a news conference Wednesday.
“We want to make it so people who have vacation homes and are traveling, we can offer them discounted rates.
So we’re working on a model where people can pay the same price for a room as a hotel room.”
AirBNBs first U.S. location opened this month in Miami.
It’s an effort to address a growing number of Americans who have been forced out of the hotel business because of the high cost of living.
Airbnb has more than 80,000 U.K. locations, and many are operated by companies that have gone out of business or moved to more affordable locations.
Airbnb has been the top hotel for travelers in major cities in the U.s., but it’s also been a major force in smaller cities.
Airbnbs revenue increased by more than $400 million in the first quarter of 2018, according to data compiled by Bloomberg.
Levandowski said AirBNBs aim to take advantage of the rising number of people who want a lower-priced option to stay in hotels.
“We’re trying to solve a problem that exists, and that is that there are people who don’t need to pay to stay, they just need to rent a room,” he said.
Airnbbs offers travelers a wide array of rooms ranging from room for two to room for four people.
The company also offers rentals in smaller spaces.
For instance, the company will rent rooms for four to six people, for $150 to $200 a night.
The cheapest rooms are listed for $225.
Levzyk said Airbnb has already made an impact in cities such as Miami, where it has a market share of more then 25 percent, and New York, where the company has been one of the top hotels in recent years.
He said the company plans to expand its U.k. footprint.
The company said it is not yet in talks with other cities.
Airbnb said it will have more to share on the matter when it makes its annual report on Monday.
AirBnb is expected to post its first quarterly profit of $2.3 million in 2018.
The results were diluted by $1.6 million in operating expenses, including $300 million in debt, according the company.